野村:維持周大福(1929.HK)買入評級 目標價12.7港元
野村發表研究報吿指,周大福(1929.HK)公佈了2021財年第三季業績,中國內地增長加速,而香港業務則繼續具挑戰性,但最壞情況似乎已過去。該行維持其買入評級,目標價維持12.7港元。
野村指,周大福第三財季內地銷售額和同店銷售按年分別增長26.1%及12.2%,預計下半年在內地的收入增長將加速至49%,相信公司可達到該行2021年的銷售增長預測。
香港業務方面,野村認為,儘管疫情和邊境關閉仍然對香港和澳門的需求構成壓力,但第三財季同店銷售跌31%,比上兩季度的跌51.6%及跌75.5%有所改善。另外,平均售價按年增長53.9%,令珠寶首飾類別同店銷售按年增長14%。該行認為,儘管營業額仍承受壓力,但隨着續租租金的進一步下降和員工成本變動,將推動香港業務收入恢復,預計2021財年香港和澳門的同店銷售將下降35%。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.